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1995年3月,有233年悠久历史的英国著名投资银行——巴林银行,因其新加坡主管尼克·里森在金融衍生交易中造成9亿美元的巨额亏损而宣告倒闭。无独有偶,几近同时,我国国内出现了上交所327国库券期货风波,著名的万国证券公司因投机亏损10亿多元人民币,资不抵债,后在政府的干预下未得破产。巴林银行倒闭事件与国内国债期货市场上所发生的327风波,因其金额大、出人意料所以才轰动一时,但这仅是冰山一角。下表为近年来多起金融衍生交易重大亏损案。
In March 1995, a well-established 233-year-old well-known British bank, Bahrain Bank, closed down after its Singapore head Nick Risen caused a massive loss of 900 million U.S. dollars in financial derivative transactions. Coincidentally, almost at the same time, China’s domestic stock exchange futures market appeared in the 327 Shanghai Stock Exchange, the famous IWC due to speculative losses of more than 1 billion yuan, insolvent, after the government’s failure to go bankrupt. The storm in Bahrain and the debut of the domestic treasury bond futures market were all caused by the unexpected surprises of the 327, but this was only the tip of the iceberg. The following table shows a number of major financial derivative transaction losses in recent years.